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TOKYO (MNI) – Combined sales at Japanese department stores in
January are forecast to be weaker than in December, possibly showing the
first drop in two months, a survey of major store chains by Market News
International showed.
The Japan Department Stores Association will release January data
at 1430 JST (0530 GMT) on Monday, Feb. 20.
Spokesmen at some stores said demand for jewelry and other luxury
goods remained strong, reflecting capital inflows from financial assets,
but that heavy snowfalls and low temperatures hampered shopping in some
areas of Japan last month.
Four of the seven department store chains surveyed reported
year-on-year falls in January, and the remaining three groups reported
gains.
This is a setback from December, when all of the seven surveyed
groups reported increases on year.
Combined sales in December rose 0.8% y/y, posting the first
year-on-year rise in six months, thanks to low temperatures that boosted
demand for winter clothing.
Meanwhile, department store sales got off to a slow start this
month partly because lingering low temperatures are now hurting the
initial stage of spring clothing sales, according to MNI’s survey.
Four out of the seven department store chains surveyed said their
sales fell y/y in early February while three groups reported rises,
thanks to continued solid sales of winter clothing.
But for the whole of February, sales at most chains are expected to
gain over the year, thanks to leap year effects.
In 2008, the previous leap year, combined department store sales
posted a 0.9% increase y/y after -2.1% in January and -2.3% in December
2007.
skodama@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4838 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
